Amid Crypto Market Crash Canada Announces Blockchain ETF

  • Alex Morris
    📰 News

    The Toronto Stock Exchange will soon be offering Blockchain ETFs despite a treacherous time in the markets.


Amid Crypto Market Crash Canada Announces Blockchain ETF

Canada joins its southern neighbor, the US, in allowing ETFs surrounding Blockchain, and thus Bitcoin, to be traded on its Toronto Stock Exchange. The Blockchain ETF is set to launch next week and comes at a time where the price of the major cryptocurrency sits at under $10,000.

The major difference between the Canadian ETF and those offered by CME and CBOE in the States is that the Toronto Stock exchange-based ETF will be focused on large and small-scale Blockchain corporations.

The interest in Blockchain companies and research has been the fueling factor for this drive for Blockchain ETFs in Canada, experts have explained. This seems to indicate that Canada’s cryptocurrency market is highly focused on Blockchain technology and perhaps not as honed in on digital tokens.

The paperwork for the ETF was filed by the independent Canadian investment management company back in January with the hopes of feeding this growing interest in Blockchain technology. The Ontario Securities Commission is approving it early in February.

Still strong interest

Despite the current state of the cryptocurrency market, which has suffered at the hands of multiple sources of FUD, including fake news about a ban in India, there is still a strong level of interest in the ecosystem.

The price fluctuations are as volatile as ever, and it is causing some panic among investors, but this new avenue of investing for the Canadian market, pointed at Blockchain technology, indicated a deeper appreciation for the tech.

Karl Cheong, head of ETFs for First Trust Portfolios Canada, told the Globe and Mail: “Every conversation we are having with clients, regardless if we are talking about a Canadian equities product or a US equity product, inevitably leads to a discussion about Blockchain or Bitcoin.”

"The commentary out there right now is that Blockchain is the more viable option while Bitcoin may not have as many legs in terms of viability, but Bitcoin could be the Friendster before the Facebook shows up in the cryptocurrency space.”

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